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TVS Motor Company's net profit for the January-March quarter of 2010-11 doubled to Rs 41.68 crore, the company announced on Friday.
In the corresponding quarter of last year, net profit was Rs 20.29 crore. The board had declared an interim dividend of Re. 0.50 per share on the enhanced capital of Rs 47.51 crore at the end of the third quarter of the year ended March 2011.
Net profit for the full year 2010-11 too doubled, to Rs 192.58 crore, from Rs 88 crore in the previous year.
In a press release, the company said that sales of motorcycles rose 31 per cent to 833,000 units in the year. Sales of all two-wheelers increased 32 per cent to 2 million units.
Three-wheeler sales too grew to 39,200 units compared with 14,700 units in the year before.
During the year, the company's two-wheelers entered two more countries Mexico and Brazil. In Brazil, the distributor set up a motorcycle assembly plant that will significantly add to the sales. The company's three-wheeler entered Egypt during the year. The company exported 239,000 units in 2010-2011 compared with 165,000 units in 2009-10 — a growth of 45 per cent.
NEW PRODUCTS
New product launches during the year were mainly in the motorcycle segment with the introduction of TVS Max4R, TVS Apache RTR 180 ABS and TVS Sport with electric start.
The year also saw the company sign on a star cricketer as its brand ambassador —Virat Kohli — for ‘TVS Sport'.
PT TVS Motor Company Indonesia has so far sold over 50,000 two-wheelers. During 2010-11, PT TVS sold around 20,000 units compared with 15,000 sold in the previous year.
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